ISLAMABAD: The Federal Board of Revenue (FBR) has collected net revenue of Rs6,125 billion during the whole fiscal year (2021-22) which has exceeded the upward revised target of Rs6,100 billion by Rs 25 billion.
According to a tweet posted by Finance Minister Miftah Ismail late Thursday night, the FBR has collected Rs763 billion in June 2022 against Rs 580 billion in June 2021, registering a 32 per cent growth. The refunds of Rs39 billion were issued in June 2022 against Rs27 billion in June 2021, reflecting an increase of 44 per cent.
During fourth quarter of 2021-22, tax collection stood at Rs1,741 billion against Rs1,351 billion last year, reflecting an increase of 29 per cent. Refunds of Rs105 billion have been issued during fourth quarter of the current fiscal year against Rs68 billion in the same period last year, reflecting an increase of 55 per cent.
As per PM Shehbaz Sharif’s instructions, a few days ago, we paid all processed DLTL claims pending for the last three years. Today, the FBR paid all processed Faster, sales tax, income tax, and export rebate claims that were due. Every single processed claim, the tweet added. According to a press release of the FBR issued late Thursday night, Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the Fiscal Year 2021-22.
FBR has collected net revenue of Rs. 6,125 billion during the current fiscal year (July 21-June 22), which has exceeded the upward revised target of Rs. 6,100 billion by Rs. 25 billion. This represents a massive growth of about 29.1% over the collection of Rs. 4,744 billion during the same period, last year. Likewise, the gross revenue collection increased from Rs. 4,996 billion during last year to Rs. 6,460 billion this year, showing an increase of 29.3%.
One of the key features of this outstanding performance by FBR is reflected in the significant increase in direct taxes which has registered growth of 32% over the last year. This is in line with the policy of the incumbent government to enforce taxation on income earned thereby reduce indirect incidence of taxation.
Furthermore, the net collection from Income Tax during the year is Rs. 2278 billion against Rs. 1731 billion last year whereas the sales tax of Rs. 2525 billion has been collected this year against Rs. 1983 billion last year. The net collection from Customs Duty is Rs. 1000 billion this year against Rs. 747 billion last year while the collection from Federal Excise Duty is Rs. 322 billion this year against Rs. 284 billion last year.
Similarly, the net collection of Rs. 1,741 billion during the 4th Quarter of current financial year against Rs. 1,351 billion collected in 4th Quarter last year, represents an increase of 31.7% despite many challenges. The net collection for the month of June, 2022 is Rs. 763 billion representing an increase of 28.9% over Rs. 580 billion collected in June, 2021.
Copyright Business Recorder, 2022